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The pair are currently starring in two movies that some experts believe could earn them nominations for one of the world's top movie honors when they are given out on February 27.
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Franco, 32, is starring in the real-life drama "127 Hours", playing a man who cut off his own arm to free himself from being trapped in a canyon with no way to survive, and Hathaway, 28, portrays a free-spirited woman who falls for a drug salesman in "Love and Other Drugs."
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"James Franco and Anne Hathaway personify the next generation of Hollywood icons -- fresh, exciting and multi-talented", Oscar producers Bruce Cohen and Don Mischer said in a joint statement.
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